South Korean asset manager Shinhan BNP Paribas Asset Management said Friday that it would beef up efforts to take climate change into account in its asset management business, as part of its green finance and impact investing.

Under its climate action declaration released Friday, the joint venture of Shinhan Financial Group and BNP Paribas Asset Management will consider the impact its investment decisions and financial products could have on climate change. It is the first such declaration in Korea’s asset management industry, the company said.

Shinhan BNP Paribas also expressed its support for global frameworks such as the Paris climate agreement within the United Nations Framework Convention on Climate Change and the special report by the Intergovernmental Panel on Climate Change, which emphasized the urgent need to prevent the atmosphere from warming more than 1.5 degrees Celsius.

The asset management house will also take preemptive measures to manage risks from climate change in accordance with the Recommendations of the Task Force on Climate-Related Financial Disclosures.

Shinhan BNP Paribas has launched platforms for eco-friendly finance and impact investing at home and abroad, including the latest fund unveiled Thursday. Its goal is to heighten exposure to global stocks that meet its criteria for environmental, social and corporate governance, as well as short-term bonds.

The asset management firm oversees some 57.8 trillion won ($49.6 billion) worth of assets in the form of equities, derivatives, special assets and other products.

By Son Ji-hyoung (consnow@heraldcorp.com)